I have a simple scenario asking on behalf of another person for the future as this hasn't happened yet.
This person is a US citizen living outside of the US.
They will receive an inheritance over $100k USD from a deceased foreign relative (non US person or resident). They are not an executor or play a special role, just simply a recipient.
Will they have to fill out part 3 of form 3520 or just part 4?
Form 3520 Question for receiving foreign inheritance
byu/dmizzl intax
Posted by dmizzl
1 Comment
Part IV. Is there a trust involved? Note that depending on what is inherited, there could be other filing requirements like an FBAR, 8938, 5471, 8621, etc. A conversation with a tax advisor might not be a bad idea of this is substantial.